Word: dantasã
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Last week, Daniel Dantas, a Brazilian banker of fantastic wealth and influence, was convicted on corruption charges, sentenced to 10 years in prison, and fined R$ 12 million ($5 million). Mr. Dantas??€™ fate remains unclear as he may still file multiple appeals that could take years to be evaluated. Nevertheless, his conviction reflects an accomplishment of the Lula administration in Brazil: the freedom of the PolÃcia Federal, responsible for gathering the evidence in the case. The PF has been allowed to aggressively pursue corruption investigations since 2003 and numerous prosecutions show that Brazil?...
...what is the connection between Mr. Dantas??€™ prosecution and growth expectations for Brazil? The case shows that the country is still on a steady march towards fixing problems common to emerging markets. This march started in 1994 with the Plano Real, the monetary stabilization plan that ended Brazil’s inflation crisis as rates breached 2000 percent annually. Fernando Henrique Cardoso, the Finance Minister responsible for this plan, was elected president twice (1994-2002) and started a new era of commitment to responsible economic policy...
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